The debate about austerity – and the relationship between public deficits, national debts and growth – has missed a crucial point. Unless countries are on the verge of a bond market strike, the amount of debt or the size of the deficit matter less than what activity the taxpayer is actually funding. If spending supports areas that increase growth rates via increases in productivity and innovation – such as education, skills, research and new technologies – then the long-run ratio of debt to economic output could be lower (and the state in better shape) than if its spending is less productive.
有關緊縮——以及公共赤字、國家債務與成長之間的關係——的辯論忽視了一個關鍵問題。除非國家瀕臨債券市場崩盤，否則債務規模或者赤字規模的重要性不及納稅人實際上在資助什麼活動。如果這種支出支持那些通過提高生產率和創新加快經濟成長的領域，例如教育、技能、研究和新技術，那麼與效益不高的支出相比，債務佔經濟產出的長期比率可能較低（而且政府有望處於更好的狀態）。